Original article by Roy Morgan
Market Research Update – Page: Online : 5-Nov-19

New research from Roy Morgan shows that 1.95 million Australians aged 14+ used one of the latest ‘buy-now-pay-later’ digital payment methods such as Afterpay, zipPay or zipMoney in the year to September 2019, up from 1.38 million in the previous 12 months. Australians between the ages of 14-34 account for 55.9% of ‘buy-now-pay-later’ users, with those in the 25-34 age range making up 33.5% of all users. To put this in perspective, that age group represents only 18.1% of the population aged 14+, which means that those aged 25-34 are nearly twice as likely to be using a ‘buy-now-pay-later’ system as the average across the whole population. By contrast, Australians over 50 make up only 14.2% of pay-later users despite being 40.7% of the population aged 14+. Meanwhile, the use of credit cards is declining, with the percentage of Australians holding a credit card down about 3% points over the past year. This data is from Roy Morgan’s Single Source survey, based on in-depth interviews conducted face-to-face with around 50,000 consumers each year in their homes.

CORPORATES
ROY MORGAN LIMITED, AFTERPAY TOUCH GROUP LIMITED – ASX APT, ZIPPAY, ZIPMONEY